In Budget Roundups, Money

January 2020: Income Budget Roundup

Small note to long-time readers:

I am trying new things this year to (A) make my graphics cuter and (B) split my budget roundup posts up into more sections because they are starting to become epic novels.

Let me know if you like this format or not. It’s a LOT of reading to take in, hence the change.

THE INCOME = $29,622.39

Day Job: $23,914.80

It’s what I do. I work 40 hours a week. Extra hours = more money

I am actually going to change things with my new contract. I am aiming for an aggressive 2-day work week (16 hours) and getting paid the same amount of money, but then being on call for the rest of the time no matter the hours.

I think they might appreciate that more than me working a set schedule of hours because you KNOW I don’t work past 4:30 p.m. at best, and I definitely do not do overtime.

It could be worth it for them to have someone on emergency call. I’m giving it a shot this week.

Side Income: $5707.59

These are my main income streams for my side hustles (i.e anything that isn’t my day job). Basically ANYTHING that is income, even bank promotions, for me, is considered a side hustle, even though it is one-off and unlikely to repeat.

The average millionaire has 7 income streams, and currently I actually have 9, but combine them under categories for instance (e.g. Blog has 3 streams, Bank promos and interest have 2 streams)…

I am working on getting 10, but we will see.

  1. Blog: $2543.77
  2. Bank promotions and interest: $276.73
  3. Cashback: $125.65
  4. Dividends: $2139.95
  5. Resale: $495.70
  6. Lending: $125.79

1. Blog: $2543.77

Advertising: $2169.66

Affiliate: $257.94

Products: $116.17

WHOA, Advertising jumped up like crazy

I can’t explain it, but advertising jumped up like crazy. This may not last, I am chalking it up to residual holiday fever (?) and higher rates given to each ad.

Whatever it is, I appreciate all the extra traffic coming to my blog, and am working very hard to get the numbers up. For real. I haven’t really been concentrating on increasing traffic but I will be this year, now that I have more time and energy to devote to this.

Some traffic bumps have also been from a slight increase in Instagram people leaving Instagram and coming to the blog (FINALLY!). I am happy about that and … WELCOME <3

What do I use to manage my blogging / social media?

I am only active on 3 main platforms because I cannot handle more than that alone:

The ONLY thing I pay for in terms of social media management, aside from webhosting fees etc, is $15 a month for Tailwind Plus – a social media manager.

This service has saved my life for social media management.

Without it, I couldn’t do my day job, my personal life, my blogging life AND social media life / postings.

If you use my referral link, you can try out one month of Tailwind Plus for free.

Save. Spend. Splurge. Products sold, include:

https://www.savespendsplurge.com/products

2. Bank Promos / Interest = $276.73

The passive income I get from bank interest is 3.3% on my cash savings, and I use:

  • LBC Digital: Excellent 3.3% high interest savings account; subject to change

This has dropped significantly from the past few months because I have been withdrawing large sums of money ($50K, $60K) and dumping it into the stock market at one go.

I use discount brokerage Questrade for all my RRSP, TFSA, Margin and RESP accounts:

So on the one hand, with less of a base capital to garner 3.3% interest on, the less passive income in interest I make, but my money on the other hand, is fully invested and making an average of 7% over the long-term.

This amount is still a couple of hundred dollars, almost a few hundred! I’ll take it!

As for bank promotions, this is stuff like signing up for a new chequing account to get $200, or $350. I have been doing a sweep of the banks in Canada and keeping an eye out for their promotions, signing up, earning some side hustle money etc. I didn’t earn any this month.

3. Cashback = $125.65

I can’t even believe it took me this long to trust/believe in this sites, but I use:

Money is money.

I also use credit cards to get cashback. There was a promotion with TD Bank offering 10% back up to a $2000 spend (so basically, $200 free), that I completely maxed out, and now I have moved on to CIBC where they’re also offering the same 10% up to $2K spend promotion.

I am planning on using that full $2000 spend by using that credit card to pay for half of my tax bill next month with PayTM Canada:

  • PayTM Canada – Use my referral code [ PTM210713 ] for a free bonus 5000 points ($5 gift card)

I would only do that because PayTM now charges you 1.75% interest on any credit card payments (BOO!) but since I am earning 10% on the credit card used, that means I still earn a solid 8.25% cashback on something I couldn’t use a credit card on ANYWAY (tax bills, utility bills…)

I’ll pay the difference of my tax bill with my debit card/account, and what I will get in the end is dipping into these 2 areas:

  1. Cashback from the credit card used – $200 for using CIBC
  2. PayTM points – so I can use it towards Starbucks gift cards

My new source of income for next month will be Swagbucks, I will be focusing on that to make extra money on the side while doing surveys.

  • Swagbucks: Use my referral code { 69930988 } to get 300 Swagbucks once you earn another 300 Swagbucks doing surveys etc within the first month & redeem it for $5 from Paypal.

4. Dividends: $2139.95

This is my original mini dividend project details and my dividend short list of stocks I was looking at to buy for Canada and the U.S. Here are my goals for dividends for 2020.

I am pretty proud of this number. I have to tell you, I did not expect this in the first month but then again, a lot of companies pay out the first month, or every quarter, and then the in-between months get bupkiss.

My goal again this year was $12K in dividend income. I am wondering if I can earn more than that. I am currently, at the start of January, on track to earn about $10,000 a year. So I am not far off from already hitting my 2020 goal.

Looking back at a year ago on Dividends…

You can see the incredible jump from January of last year, when I got $342.40, and now increased that income by 525% which I OF COURSE reinvest right back into buying more stock.

I am all about the DRIP*!

*Dividend Reinvestment Program.

Looking back at a year ago…

5. Resale = $495.70

I am selling items off from my wardrobe using Poshmark:

I have also started just wandering into thrift stores, seeing cute but in good condition items and putting them up for resale. I am not focused on building this as an income stream but it does combine my love for shopping with selling/making money, and passes the time as a revenue-generating hobby.

My only problem is that I cannot predict what will sell or not, but I pick pieces I would personally wear and then list them.

Maybe this might end up being something, maybe not. I am giving it a shot.

6. Lending = $125.79

I am currently doing private lending via a website called Lending Loop:

This one is a small alternative side income I am starting. I am not 100% focused on it, because my main bread and butter for now, will be mutual funds (50%) and dividend-generating stocks so I don’t touch the capital but still get money (50%).

Over time (no rush), I am planning on building this up to be my third income stream, at about $100K in capital invested, and constantly being reinvested to lend out to more small businesses.

I am even considering, finding private deals for much larger amounts, and lending $30K – $50K at a pop to people and earning money on that. That one is on the backburner for now, as I am trying to meet my minimum investing goals for 2020.

INCOME GOALS FOR THE NEXT MONTH

Umm.. to keep going? 🙂

I am almost at a million in my net worth, I will likely be there by end of March, based on my projections.

I also set a soft, but kind of serious goal of making $300K in income this year. This means my day job will have to generate $260K (yeah, I have to try and not to rage quit this time LOL), and my side incomes have to make $40K.

Can I achieve that? Maybe. I am hoping I can.

NOTES ON WHAT I USE

If you are interested, my money is parked here:

  • LBC Digital: Excellent 3.3% high interest savings account; subject to change
  • EQ Bank: Good, general 2.45% high interest savings account; subject to change
  • Tangerine: Use my Orange key { 32726976S1 } for free money (You get $50 once you deposit $250; and I get $50 too)

…credit card extra rewards cashback savings here:

…and invested here:

…and I list my things for sale here:

Stay tuned for the Expenses post. It is a doozy.

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Sherry of Save. Spend. Splurge.

Am my own Sugar Daddy. Am a millionaire at 36 after getting out of $60K of student debt in 18 months, a little over a decade earlier, using TheBudgetingTool.com. I have worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from $65K to $260K with an average lifetime savings rate of 50%. I have 11 side incomes that are on track in 2020 to make me $50K - $75K. I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I am all about balance - between time and money, and also enjoying my money. I also post daily on Instagram @saverspender.

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